Best Banks for Car Loan in Bagpur
Car Loan Bagpur Features
⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges
If you’re looking for a car loan Bagpur, then you’ve come to the right place. You can compare the different interest rates available at different lenders, banks, and NBFCs. You can choose the best car loan Bagpur, one which satisfies all your requirements.
Car Loan Bagpur Eligibility Criteria
The car loan eligibility requirements in Bagpur are as follows:
Salaried Individual |
Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000 Employment Duration – 1-year minimum Income Eligibility – Based on Form 16 and salary slip |
Self-Employed Individuals |
Age – 21-65 years of age
Minimum ITR – Rs.2 lakh Employment Duration – Minimum 3 years Income Eligibility – Depends on the latest Income Tax Returns |
Self-Employed Non-Individuals (Company/Partnership) |
Minimum ITR – Rs. 2 lakh
Employment Duration – 3 years minimum The applicant has to present IT returns and audited financials of 2 years with Calculated Income. |
Priority Customers |
At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters |
Car Loan Bagpur EMI Calculator
Car Loan Bagpur Fees & Charges
Charges | New Car Loan | Used Car Loan |
Interest Rate | 7.35% per annum |
11.80% p.a. to 13.80% p.a. |
Car loan Processing fees | 0.5% | 0.5% |
Issuance of Duplicate Repayment Schedule Charges | Around Rs.500 | Around Rs.500 |
Foreclosure Charges | 0.06 | 0.06 |
Penal Interest | 2% PM | 2% PM |
Car loan Part Payment charges | 6% of the amount | 6% of the amount |
Cheque/Instrument Swap Charge | Around Rs.500 | Around Rs.500 |
Documentation Charge | Around Rs. 500 | Around Rs. 500 |
Issuance of Duplicate No Dues Certificate Charges | Around Rs. 500 | Around Rs. 500 |
Registration Certification Collection Charge | Around Rs. 200 | Around Rs. 200 |
Cheque Bounce/Instrument Return Charges | Around Rs. 500 | Around Rs. 500 |
Issuance of Duplicate Statement Charges | Around Rs. 500 | Around Rs. 500 |
Loan Cancellation/Re-booking Charges | Around Rs. 1000 | Around Rs. 1000 |
Issuance of Credit Report | Around Rs. 50 | Around Rs. 50 |
Car Loan Bagpur Fees and Charges : Leading Banks – Apr 24 2024
Bank | Processing Fee |
Prepayment Charges
|
HDFC Bank Car Loan | (1999 - 4999) + Tax |
2%, Nil foreclosure charges after 24 months
|
Axis Bank Car Loan | 1 % to 2.50% | Nil |
Private Bank Car Loan | 0.25% to 1.50% |
2%, Nil foreclosure charges after 36 months
|
SBI Car Loan | 500/- to 0.50% | Nil |
Kotak Car Loan | 1% to 2% |
2.25% of fore closure amount if closed 1 month ahead of the tenure.
|
IIFL Car Loan | Nil | Nil |
Muthoot Car Loan | Nil | Nil |
Manappauram Car Loan | Nil | Nil |
PNB Car Loan | 0.70% to 1% | Nil |
Canara Bank Car Loan | 0.01 | Nil |
Andhra Bank Car Loan | Nil | Nil |
To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates
Car Loan Bagpur Documents Required
Documents needed for car loan are as follows:
Salaried Individual
Category |
Documents Required
|
Identity Proof (Any 1) | Passport Voter ID Aadhar Card Driving License |
Address Proof (Any 1) | Aadhar Card PAN Driving License Electricity Bill |
Date of Birth Proof(Any 1) |
Passport
Birth Certificate High School Marksheet Driving Licence |
Signature Proof(Any 1) |
PAN
Bankers Verification Passport |
Income Proof |
Salary Slip and latest Form No.16
|
Bank Statement |
Last 6 month Bank statement
|
Employment Continuity Proof |
Job card by NREGA
ITR of Form no. 16 Salary Slip mentioned with joining date Letter of Appointment |
Self-Employed Individuals
Category |
Documents Required
|
Identity Proof (Any 1) | PAN Card Passport Voter ID Aadhar Card |
Address Proof (Any 1) | PAN Card Voter ID Passport Electricity Bill |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
Signature Proof (Any 1) |
PAN
Bankers Verification Passport |
Bank Statement |
Bank statement of last 6 months
|
Employment Continuity Proof |
Latest ITRs
Shop & Establishment Act Certificate Shop & Establishment Act Certificate Sales Tax or VAT Certificate |
Business Proof |
Registration Certificate
Telephone Bill/Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
Category |
Documents Required
|
Identity Proof (Any 1) | Driving Licence PAN Card Aadhar Card Passport |
Address Proof (Any 1) |
Electricity Bill/Telephone Bill
Aadhar Card Driving License Voter ID |
Income Proof |
Audited Balance Sheet
P&L Account ITR for the previous 2 years |
Bank Statement | Last 6 month |
Business Continuity Proof |
Company ITR of the last 2 years
Audited Balance Sheet TAX registration Certificate Current Account Statement |
Additional documents |
Letter of Authority or PAN Card
|
2. Private Limited/Limited Companies
Category |
Documents Required
|
Identity Proof |
The latest copy of MOA and AOA
Copy of Incorporation |
Address Proof (Any 1) |
SSI/MSME Registration Certificate
Telephone Bill Electricity Bill Shop & Establishment Act Certificate Sales Tax Certificate |
Income Proof |
Audited Balance Sheet
P&L Account and ITR for the previous 2 years |
Bank Statement | Previous 6 Months |
Business Continuity Proof |
P&L account and
ITR of the Company of the past 2 years Audited Balance Sheet Shop & Establishment Act Certificate |
Additional documents |
List of Shareholding partners and Directors
Board Resolution PAN Card Certificate of Commencement of Business for Ltd. Co. |
How to Get the Best Car Loan Interest Rates in Bagpur
The interest rates on vehicle loans offered by different lenders in Bagpur may vary, but they are all reasonable and competitive. If you want to get a car loan in Bagpur with the lowest interest rate, follow the steps below:
- Choose a shorter repayment term – Choosing the shorter tenure, would mean that you would have to pay an even higher EMI but that also gives you the lowest possible interest rate from the lender. If you choose a longer tenure, it gives the impression that you do not have sufficient funds to pay the EMIs, which makes them give you a higher interest rate.
- Research and compare the perks offered by different lenders – If you want to get a decent deal on an auto loan, you must first explore and compare the benefits offered by different lenders. This can help you figure out which lender is the best one according to your requirement.
- Maintain a modest debt-to-income ratio – A lower debt-to-income ratio makes the lender not add on to the burden by giving you a high interest rate.
- Maintain a good credit score — Lenders will be pleased to offer you a car loan with a low interest rate if you have a good credit score. Banks and NBFCs consider a credit score of 750 and above to be ideal. Many lenders may give auto loans to people with bad credit, but they will give it at a higher interest rate. Check your credit scores regularly with the official Dialabank “Free Credit Score” service to make sure you have a good credit score. This will allow you to take the necessary and needed measures to enhance your credit score if it is low, and it will allow you to approach your lenders with confidence since you have a good credit score.
How to Apply for a Car Loan in Bagpur?
Availing of a car loan in Bagpur is an easy process with Dialabank. Follow these steps to avail of the best offers:
- Visit Dialabank
- Go to the loan section and select auto loan followed by the car loan link.
- The applicant will be asked to fill in their details and the preferred city for the loan.
Which Bank in Bagpur Offers the Best Car Loans?
Most big banks and NBFCs, including HDFC, Private, and SBI, offer car loan Bagpur. The finest lender would be the one that can provide you with the loan amount you need at a reasonable interest rate and can distribute the funds as quickly as feasible. It is always a good idea to compare vehicle loans from different lenders before applying for one that meets all of your needs, such as interest rates.
Car Loan for Major Car Manufacturers in Bagpur
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Bagpur
Category | Details |
Processing Charges |
1999 - 4999 + Tax
|
Prepayment |
No prepayment is allowed until 12 EMIs are paid
|
Preclosure |
No foreclosure is allowed until 12 EMIs are paid
|
Prepayment Charges
|
13-24 months: 2% of loan principal outstanding
|
>36 months: Nil Charges
|
|
Stamp Duty |
As per state laws
|
Cheque Bounce Chgs |
₹ 550/chq + GST
|
Floating Rate of Interest | Not Applicable |
Overdue EMI Interest |
2% p.m.(on overdue amount)
|
Amortisation Schedule Chgs | Rs 200 + GST |
CIBIL Score Required for Car Loan in Bagpur
CIBIL score plays a very important role while getting the loan. If your CIBIL score is 750 or above, then you will get quick loan approvals. If the CIBIL score is less than 750 then your application would be reluctantly processed. So, you should check your CIBIL score before you apply for the loan. If you pay your EMIs on time then your CIBIL score will be good and high. If you do not repay Your EMI on time your CIBIL score will be reduced. The applicant must pay monthly EMIs according to the schedule of the bank.
Car Loan Bagpur Contact Number
In case of any queries regarding the car loan in Bagpur, you may contact on the number 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Bagpur
Rate | 5 Yrs | 4 Yrs | 3 Yrs |
10.50% | 2149 | 2560 | 3250 |
11.00% | 2174 | 2584 | 3273 |
11.50% | 2199 | 2608 | 3297 |
12.00% | 2224 | 2633 | 3321 |
12.50% | 2249 | 2658 | 3345 |
13.00% | 2275 | 2682 | 3369 |
13.50% | 2300 | 2707 | 3393 |
14.00% | 2326 | 2732 | 3417 |
14.50% | 2352 | 2757 | 3442 |
15.00% | 2378 | 2783 | 3466 |
About Bagpur
Bagpur is a village located in Nakodar in Jalandhar district in the Indian state of Punjab.
FAQ’s About Bagpur Car Loan
✅ Is there a requirement for a minimum salary when applying for a car loan?
Most lenders do not have a salary bar, but your application will be rejected if they determine that you cannot pay your monthly EMIs on time due to you having a low salary. Under these circumstances, having a co-applicant might help.
✅ Is a loan guarantor or guarantor required?
A loan guarantor or co-borrower is required if you cannot meet the lending institution’s eligibility criteria, such as monthly income, age, or credit score. You may also apply for a car loan on your own.
✅ In what circumstances might my car loan application be denied?
If you have a bad credit score, have defaulted on your payments, or have applied for and been rejected for loans multiple times, your loan application may be denied. To get your loan approved, you must also meet the bank’s eligibility criteria, including a minimum income level, age, and previous relationship with the bank.
✅ Are there any tax advantages to taking out a car loan?
No. A car loan, unlike a home loan, has no tax benefits at all. As a result, car loan amounts should always be tied to your actual need, and splurging on a fancy car by taking out a large loan is not a good idea.
✅ Is it possible to negotiate interest rates?
Yes, you can use your credit history and previous relationship with the prospective lender to negotiate the interest rate on your car loan. Regularly paying your EMIs on previous loans/credit cards with your prospective lender can help you get a car loan with a lower interest rate.